- Medical devices, encompassing diagnostic, therapeutic, and monitoring instruments, are increasingly vital components of modern healthcare systems in both hospital and homecare settings due to their enhanced precision, remote monitoring capabilities, and seamless integration with digital health ecosystems
- The escalating demand for medical devices is primarily fueled by the growing prevalence of chronic diseases, aging populations, increased healthcare expenditure, and a rising preference for minimally invasive procedures and home-based care solutions
- North America dominated the medical devices market with the largest revenue share of 40.05% in 2024, characterized by advanced healthcare infrastructure, high healthcare spending, and a strong presence of key industry players. The U.S. has experienced substantial growth in medical device installations, particularly in remote monitoring and robotic-assisted surgery, driven by innovations from both established med-tech companies and digital health startups
- Asia-Pacific is expected to be the fastest growing region in the medical devices market during the forecast period due to increasing urbanization, expanding healthcare infrastructure, and rising disposable incomes across countries such as China and India
- The ventilator segment dominated the medical devices market with a market share of 29.6% in 2024, driven by increased demand in critical care settings, particularly in response to respiratory illness outbreaks and the growing geriatric population requiring advanced respiratory support
